Hollick to offload TV station stake

LORD Hollick is expected to sell United Business Media's stake in television station Five to German-owned media company RTL within weeks. Hollick is due to quit UBM as chief executive at the beginning of May and City sources say he is determined to start the sale process for the stake in Five before he steps down.

He will be replaced by David Levin, chief executive of software company Symbian.

The 35.4% stake in Five is valued at £220m by merchant bank ABN Amro. RTL holds the remainder of the shares in Five and has first refusal rights over UBM's stake.

Despite UBM's minority shareholding, the television company is jointly managed by the pair. RTL has previously indicated its commitment to the channel and last week RTL chief executive Gerhard Zeiler, who is believed to be moving to London shortly, said RTL was 'not a seller' of its stake.

Paul Gooden, analyst at ABN Amro, said: 'Five is clearly non-core to UBM. It makes perfect sense for the new chief executive with fresh ideas to stamp his mark on the company by getting rid of it.'

A UBM spokesman said he was not aware of any sale process. UBM's merchant bank, Dresdner Kleinwort Wasserstein, declined to comment.